Netflix takes on debt to fund European expansion

Netflix today announced that it would take on $400 million in long-term debt in the first quarter of 2014 to fund international expansion and original content.

In an annual report released on Feb. 3, the video-streaming service wrote that it anticipates “substantial” growth in Europe in late 2014. The Los Gatos-based company began its international expansion in Canada in 2010, according to the report. From there, it entered Latin American and Europe. Netflix is now available in the U.K., Ireland, Finland, Denmark, Norway, Sweden, and the Netherlands. International streaming memberships accounted for 25% of streaming memberships at the end of 2013.

In addition to geographic growth, Netflix expanded its streaming content over the past year to include more exclusive and original programming. Netflix confirmed to The Hollywood Reporter today that it is renewing the Emmy-winning original series “House of Cards” for a third season. The second season of the political drama begins on Feb. 14.